Court of Auditors Decides To Put Elliniko investment deal on Hold

The widely-talked about investment deal for the huge plot of land in the area of Elliniko (southern Athens) has been temporarily suspended by the Court of Auditors. A report in Ta Nea states that Greece's privatization fund TAIPED, which is handling the deal on behalf of the Greek state, was informed of this development on Tuesday.

According to the author in Ta Nea, the Court of Auditors cited a number of technical reasons on why this project should be placed on hold for now, but without elaborating and/or commenting on the essence of the deal.

The article in the Greek newspaper reveals that TAIPED is likely going to request that the decision be repealed, as it has done in similar cases in the past.

It should be reminded that the project with the Lamda Development joint venture was agreed upon about five months ago and provides that the investors will reform the site of the former international airport.

Lamda Development is set to pay 915 million euros for Elliniko, however it must first receive approval from the Court of Auditors before carrying out its investment.